Wells Fargo, Credit Suisse price ahead of winter storm; Goldman Sachs, JPMorgan firm

By Aleesia Forni and Cristal Cody

Virginia Beach, Jan. 26 – Wells Fargo & Co., Credit Suisse, New York Branch, Union Pacific Corp. and Synchrony Financial hit Monday’s primary ahead of what is predicted to be a massive blizzard for the northeastern United States.

Wells Fargo came to market with $2.65 billion of five-year notes in fixed- and floating-rate tranches, and Credit Suisse also issued a two-part offering in fixed- and floating-rate tranches.

Union Pacific priced a $1.15 billion sale of notes in three tranches, while Synchrony Financial sold $1 billion of notes in fixed- and floating-rate tranches due 2020.

Penske Truck Leasing Co. LP launched a $900 million offering, and TTX Co. and SVB Financial Group each priced $350 million offerings.

And the European Bank for Reconstruction and Development (EBRD) priced a $400 million add-on to its existing notes due 2019.

In total, the high-grade primary hosted more than $8.6 billion of new issuance to kick off the week.

With thinly staffed desks expected for Tuesday’s session, sources are predicting light activity in the primary sphere.

Bonds were mostly stronger over the day as activity slowed from heavy snow in New York, market sources said.

Goldman Sachs Group Inc.’s 3.85% notes due 2024 traded 7 basis points better from where the paper headed out on Friday.

JPMorgan Chase & Co.’s 3.625% senior notes due 2024 were quoted more than 5 bps tighter.

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